The Real Estate and Mortgage Show

Step 4: Stop Waiting—Start Your Home Search Like a Pro! Ready to find your dream home?

Think preapproval is just a formality? Think again!

Why U.S. And Canadian Mortgages Work So Differently   Ever wondered why U.S. home buyers can secure a 30-year fixed mortgage, while Canadians typically renew every five years? In this video, we dive into the unique structures of Canadian and American mortgage systems, focusing on interest rate risks, tax implications, and equity growth. In Canada, lenders prefer shorter terms to manage rates, unlike in the U.S., where government-backed institutions like Fannie Mae and Freddie Mac support 30-year terms. U.S. homeowners enjoy tax-deductible mortgage interest, while Canadians benefit from tax-free profit on the sale of a primary residence. This encourages faster equity growth in Canada, despite fewer refinancing options. For Canadian buyers curious about mortgage differences, watch to understand how Canada's system promotes stability and builds equity quickly. For more questions on Canadian mortgages, reach out – we're here to help! Thank you for watching. Let us help you with your real estate and mortgage needs. We serve the Cambridge, Kitchener, Waterloo, Guelph and Brantford areas. Check out our website at http://www.maximumresults.ca

Learn how the Reset Mortgage, available through Karen Monteiro of Mortgage Alliance Greater Golden Horseshoe, can provide relief for homeowners facing temporary financial challenges. This innovative mortgage solution offers up to 65% of your home's current value with a flexible term and no monthly payments required, giving you time to get back on your feet. Whether you're looking to refinance or purchase, this mortgage option is designed to offer peace of mind. For more information, contact Karen Monteiro at 519-590-6847 or karen@maximumresults.ca.   Thank you for watching. Let us help you with your real estate and mortgage needs. We serve the Cambridge, Kitchener, Waterloo, Guelph and Brantford areas. Check out our website at http://www.maximumresults.ca     #ResetMortgage #MortgageRelief #HomeFinancing #MortgageSolutions #Refinance #HomeBuying #FinancialFreedom #NoMonthlyPayments #RealEstate #HomeOwnership #KarenMonteiro #MortgageAlliance #GoldenHorseshoe #CambridgeRealEstate #KitchenerWaterloo #GuelphHomes #BrantfordRealEstate #MaximumResults  

Hi, it's Walter Monteiro from The Maximum Results Team!

Beware of Rental Scams: Walter Monteiro from The Maximum Results Team shares an important warning about a recent rental scam targeting one of his listings.   Scammers are falsely advertising properties for rent to steal deposits. Always verify listings with a realtor or trusted source. If you suspect a scam, report it to the Canadian Anti-Fraud Centre and your local police.   Stay safe and reach out if you need advice! Thank you for watching. Let us help you with your real estate and mortgage needs. We serve the Cambridge, Kitchener, Waterloo, Guelph and Brantford areas. Check out our website at http://www.maximumresults.ca

Fixed vs. Variable Mortgages: How Changing Rates Have Shifted the Landscape   As you consider your options for financing your new or existing home, one of the key decisions you'll face is choosing between a fixed or variable mortgage rate. This decision hinges on your financial goals and your comfort with risk. A fixed-rate mortgage offers predictability and stability, giving you the peace of mind that your payments won't change over the term of your mortgage. However, if you're open to a bit more risk in exchange for potential savings, a variable-rate mortgage might be worth considering. Here are some key benefits of a variable-rate mortgage: Benefit from Rate Cuts: Recently, the Bank of Canada made three one quarter cuts to its overnight rate, and more cuts are expected as inflation eases. With a variable-rate mortgage, these cuts could lower your monthly payments, saving you money over time. Flexibility: Variable-rate mortgages often come with more flexible terms and lower penalties for early repayment or switching lenders. If you need to break your mortgage early, the penalty is usually just three months' interest—much lower than the potential costs associated with fixed-rate mortgages. Short-term Financial Advantages: If you're planning to sell or refinance your home within the next few years, a variable rate could be advantageous. With rates expected to continue falling this year and next, the potential for additional savings is significant. And remember, if market conditions change and rates start to rise, you have the option to lock into a fixed-rate mortgage at that time. This provides an added layer of security, ensuring you're not caught off guard by unexpected rate hikes. Ultimately, choosing between a fixed or variable mortgage rate depends on your unique situation and financial goals. As a dedicated mortgage professional, I'm here to help you navigate your options and find the best solution—at no cost to you. If you have any questions or would like to discuss your mortgage options further, please don't hesitate to reach out. You can contact Karen Monteiro, Principal Broker with Mortgage Alliance Greater Golden Horseshoe, at 519-590-6847 or via email at karen@maximumresults.ca. Let's work together to determine which option is best suited for your unique needs.

Thinking about breaking your mortgage to take advantage of lower interest rates? Before you make a move, it's crucial to understand the costs involved! In this video, we'll explain the penalties you might face, including the difference between breaking your mortgage with a big bank versus a monoline lender. Learn about: - The standard penalties for breaking a fixed-rate mortgage. - How interest rate differential (IRD) penalties are calculated differently by banks and monoline lenders. - Why working with a mortgage broker can save you thousands in penalties.   We'll also show you a real-world example to illustrate how much you could be paying, and why choosing the right lender is essential for your financial future. Don't let mortgage penalties catch you off guard—watch now to make an informed decision! **Need personalized advice? ** Contact Karen Monteiro for expert mortgage guidance at

Receiving multiple offers on your property can be exciting, but it's essential to stay grounded and make informed decisions. In this video, we'll discuss the pros and cons of accepting unconditional offers and why you should always verify a buyer's financial capacity. Learn why a strong deposit is crucial and why you shouldn't automatically dismiss conditional offers. Make sure your sale goes through smoothly with these expert tips!" Thank you for watching. Let us help you with your real estate and mortgage needs. We serve the Cambridge, Kitchener, Waterloo, Guelph and Brantford areas. Check out our website at http://www.maximumresults.ca

Changing your list price. Is it time? Struggling to sell your property? In this episode of our Real Estate Insight Series, we dive into what steps to take when your listing isn't getting the attention it deserves. If weeks have passed without a serious offer—or worse, seven days without a single showing—it's a clear sign that something needs to change. We explore: - Market Trends: Understanding seasonal fluctuations and how they affect buyer activity. - Common Pitfalls: Why raising your price might deter potential buyers. - Key Factors: Assessing the condition, exposure, and pricing of your property. - Strategic Adjustments: How a thoughtful price reduction can reignite interest. - Open Communication: The importance of aligning expectations with your real estate agent. Don't let your property linger on the market. Learn how to make informed decisions that attract buyers and lead to a successful sale. If you have questions or need personalized guidance, we're here to help you navigate the complexities of the real estate market. Subscribe for more expert insights! For a private tour contact us directly at 519-624-9222 Thank you for watching. Let us help you with your real estate and mortgage needs. We serve the Cambridge, Kitchener, Waterloo, Guelph and Brantford areas. Check out our website at http://www.maximumresults.ca

Are You Waiting for Interest Rates to Drop Before Buying Your Next Home? Think Again. If you're holding off on buying your next home because you're waiting for interest rates to drop, it might be time to reconsider. While it's natural to want the best deal, waiting for rates to decrease could end up costing you more than you think. Here are five reasons why acting now might be a smarter move. 1. Market Timing Is Unpredictable Trying to time the market is like predicting the weather—it's nearly impossible. By holding out for lower rates, you might miss out on finding the perfect home. Meanwhile, home prices could continue to rise, and inventory might shrink, making it even harder to find the right property. There's no guarantee that rates will come down anytime soon, and you could find yourself priced out of the market while you wait. 2. The Cost of Waiting The longer you wait, the more you could end up paying. If rates eventually drop, home prices are likely to rise due to increased demand. The home you can afford today might be out of reach tomorrow. Additionally, by postponing your purchase, you're missing out on the chance to start building equity. Every month that passes is another missed opportunity to invest in your future. 3. Refinancing Is an Option If rates do eventually drop, refinancing your mortgage is always an option. Refinancing can lower your monthly payments or reduce the total interest paid over the life of the loan. This means you don't have to wait for lower rates to buy now—you can take advantage of better rates later without losing the opportunity to purchase a home today. 4. Consider Legitimate Reasons to Wait If you have valid reasons to delay your purchase, like needing more time on the job, credit issues, or lack of funds for a down payment, it's essential to address those first. However, there are potential solutions, such as getting a co-signer or receiving a gift from family, that could help you overcome these hurdles. If these options aren't feasible, focus on improving your financial position so you can buy when you're truly ready. 5. Take Control of Your Future If your only hesitation is interest rates, consider this: waiting for the perfect moment could mean missing it altogether. Don't let the fear of higher rates stop you from buying your dream home. Instead, focus on what you can control—like finding the right home that meets your needs today. If you're financially ready, don't wait for rates to drop. Act now, and start building your future. And if you're not quite there yet, that's okay. Let's work together to get you prepared so you can buy with confidence when the time is right. Take the Next Step Today! Ready to explore your options? Let's discuss how you can make your homeownership dreams a reality—whether it's now or in the near future. Contact me today for a no-obligation consultation, and let's put a plan in place to help you buy with confidence.   Don't let the market dictate your future. Take control of your home-buying journey—reach out now and start building your future today! Call Walter Monteiro at 519-240-0360. Thank you for watching. Let us help you with your real estate and mortgage needs. We serve the Cambridge, Kitchener, Waterloo, Guelph and Brantford areas. Check out our website at http://www.maximumresults.ca

Should You Sell or Stay? Comparing Condos vs. Reverse Mortgages for Canadians When it comes to making the most of your home's equity, many Canadians, especially empty nesters, face an important decision: should you sell your home and downsize to an apartment or condo, or should you stay put and access your equity through a reverse mortgage? Let's take a closer look at both options to help you decide which might be best for you. **Option 1: Selling Your Home and Moving into a Condo or Apartment** Selling your home to move into a condo or apartment can be appealing if you're looking to downsize, reduce home maintenance, or enjoy a more lock-and-leave lifestyle. Condos often provide amenities like gyms, pools, and social spaces, making them attractive to those looking for a more active lifestyle. However, moving comes with its own set of challenges and costs. There are realtor fees, legal fees, and the moving costs to consider. And while condos may reduce some maintenance headaches, they come with condo fees, which can be significant and can increase over time. Additionally, you might have to sacrifice the outdoor space, storage, and privacy you're used to enjoying in your current home. For those considering renting an apartment, the cost of rent can be unpredictable, often rising faster than the cost of homeownership. Plus, renting means you'll never see a return on that money, and you lose out on the long-term stability that comes with owning your home. **Option 2: Staying in Your Home with a Reverse Mortgage** On the other hand, staying in your home and accessing your equity through a reverse mortgage allows you to unlock the value of your home without the hassle of moving. A reverse mortgage lets you convert part of your home's value into tax-free cash, which you can use for anything—whether it's to supplement your retirement income, make home improvements, or travel and enjoy life. One of the biggest advantages is that you remain the owner of your home, and you don't have to make any monthly mortgage payments. You get to stay in the place you love, with your garden, your space, and your privacy intact. And contrary to some misconceptions, the amount you owe on a reverse mortgage will never exceed the value of your home, protecting you and your heirs. Of course, there are considerations with a reverse mortgage too. It will impact the equity you leave to your heirs, and you'll need to keep up with property taxes, insurance, and maintenance. **So, Which Option is Best?** It really comes down to what's important to you. If you value stability, maintaining your lifestyle, and want to avoid the stress of moving, a reverse mortgage could be the right fit. But if you're looking to downsize, simplify, and embrace a different living environment, then selling and moving to a condo or apartment might be the better choice. The good news is, you don't have to make this decision alone. The Maximum Results Team is dually licensed in both real estate and mortgages, and we can help you explore your options to come up with a plan that's right for you. Whether it's selling your home or exploring a reverse mortgage, we're here to guide you every step of the way with a personalized approach that fits your unique needs. Let's sit down, discuss your goals, and find the best solution for you.

Unlock Your Homes Potential with A Payment Free Mortgage   Are you ready to access your home equity without the burden of monthly payments? Whether you're planning for retirement, tackling unexpected expenses, or seeking extra financial freedom, a mortgage without payments could be the perfect solution. **Fulfill Lifelong Dreams** Use your home equity to finance travel, explore new destinations, check items off your bucket list, or spend more time with family. Imagine living the life you've always dreamed of without the stress of monthly payments! **Take a Break from Mortgage Payments** Dreaming of a sabbatical or simply want to pause your mortgage payments? This unique mortgage option lets you focus on recharging, pursuing passions, or enjoying life on your terms. **Plan Your Legacy** This mortgage strategy allows you to gift money to your children or grandchildren, help with a down payment on their first home, or fund their education—all without monthly payments. **Options for All Ages** Did you know there are mortgage options without payments for any age? It's not just for retirees—any homeowner can leverage their equity without the monthly payment stress. Ready to enhance your lifestyle, plan for the future, or simply enjoy financial flexibility? Contact Karen Monteiro, Mortgage Broker, at 519-590-6847 today to explore your options! Thank you for watching. Let us help you with your real estate and mortgage needs. We serve the Cambridge, Kitchener, Waterloo, Guelph and Brantford areas. Check out our website at http://www.maximumresults.ca

7 Essential Tips For Empty Nesters before Selling Your Home

Why Real Estate Agents Ask for Your Personal Information Hello! I'm Walter Monteiro, and I understand you might be wondering why real estate agents are asking for personal information, like your ID or details about your financial transactions, during real estate dealings. Let's take a moment to explain why this is necessary and how it protects everyone involved. In Canada, the real estate industry is regulated by the Financial Transactions and Reports Analysis Centre of Canada, or FINTRAC. FINTRAC is responsible for fighting money laundering and terrorist financing, and real estate agents are legally obligated to comply with their regulations. These regulations require real estate agents to collect and verify certain personal information from their clients. This isn't optional—it's the law. By doing so, agents ensure that all real estate transactions are legitimate and transparent, helping to protect the market from illegal activities: Here's why this matters: First, Legal Compliance: Collecting identification and transaction details is part of a real estate agent's legal duty. It helps verify that transactions are genuine and not being used for illicit purposes. Second, Protecting Everyone: These measures prevent criminals from using real estate transactions to launder money or fund illegal activities, which keeps the market fair and safe for everyone. If real estate agents don't comply with FINTRAC regulations, there are serious consequences: Penalties and Fines: Non-compliance can lead to substantial fines. Legal Action: In some cases, it can result in legal proceedings, including sanctions or even imprisonment. License Revocation: Real estate professionals risk losing their licenses if they don't follow these rules, which could end their careers. By following these regulations, real estate agents are not only fulfilling their legal obligations but also ensuring that transactions are secure and trustworthy. It's understood that providing personal information can feel intrusive, but rest assured, it's handled with the utmost confidentiality and is used solely to meet these legal requirements. So, when a real estate agent requests your ID or details about a financial transaction, it's not just paperwork, it's about maintaining a safe and transparent real estate environment for everyone involved. If you have any questions about why this information is needed or how it's used, please feel free to ask. Real estate agents are here to ensure that your experience is smooth, secure, and compliant with all legal requirements. Thank you for your understanding and trust. Let's work together to achieve your real estate goals responsibly and confidently!

Understanding Mortgage Renewal: Key Tips and Myths Debunked   Hello, homeowners! It's Walter Monteiro from The Real Estate and Mortgage Show. i'm here to talk about a crucial moment in your homeownership journey, mortgage renewal. When your mortgage term comes to an end, you have the opportunity to renew your mortgage for another term with your current lender or switch to a new one. But, what about the qualifying process? I felt it was important to cover this topic because I've noticed a lot of misinformation online and on social media. Let's clear up some of that confusion. If you stay with your current lender and don't make any significant changes to your mortgage, such as refinancing or increasing your loan amount, you typically won't need to requalify. This means no stress tests, no income verification – just a smooth transition into your new term. However, if you're considering switching lenders to take advantage of better rates or terms, or if you want to make changes like refinancing to access home equity, the qualifying process kicks in. This involves passing the mortgage stress test, which ensures you can afford your mortgage payments even if interest rates rise. Now, if your current mortgage is insured – meaning it's a high-ratio mortgage that you entered into with less than 20% down – switching lenders offers a unique advantage. You won't need to pass the stress test, but all other elements of qualifying will still apply. This includes income verification and a thorough review of your financial situation. Navigating mortgage renewal can be complex, but it doesn't have to be. Reach out to Karen Monteiro, Principal Broker with Mortgage Alliance Greater Golden Horseshoe, for personalized advice and support to ensure you get the best possible terms for your situation. Thanks for tuning in. Remember, a well-managed mortgage is a cornerstone of financial security.

Stuck without offers on your real estate listing? Don't panic! In this video, I share practical strategies for handling this challenging situation, from re-evaluating your price point to considering whether selling still makes sense. Learn how to stay calm, weigh your options, and find the best path forward. Subscribe for more real estate and mortgage tips straight from Cambridge, Ontario! Thank you for watching. Let us help you with your real estate and mortgage needs. We serve the Cambridge, Kitchener, Waterloo, Guelph and Brantford areas. Check out our website at http://www.maximumresults.ca

Understanding Mortgage Renewal: Key Tips and Myths Debunked   Hello, homeowners! It's Walter Monteiro from The Real Estate and Mortgage Show. i'm here to talk about a crucial moment in your homeownership journey, mortgage renewal. When your mortgage term comes to an end, you have the opportunity to renew your mortgage for another term with your current lender or switch to a new one. But, what about the qualifying process? I felt it was important to cover this topic because I've noticed a lot of misinformation online and on social media. Let's clear up some of that confusion. If you stay with your current lender and don't make any significant changes to your mortgage, such as refinancing or increasing your loan amount, you typically won't need to requalify. This means no stress tests, no income verification – just a smooth transition into your new term. However, if you're considering switching lenders to take advantage of better rates or terms, or if you want to make changes like refinancing to access home equity, the qualifying process kicks in. This involves passing the mortgage stress test, which ensures you can afford your mortgage payments even if interest rates rise. Now, if your current mortgage is insured – meaning it's a high-ratio mortgage that you entered into with less than 20% down – switching lenders offers a unique advantage. You won't need to pass the stress test, but all other elements of qualifying will still apply. This includes income verification and a thorough review of your financial situation. Navigating mortgage renewal can be complex, but it doesn't have to be. Reach out to Karen Monteiro, Principal Broker with Mortgage Alliance Greater Golden Horseshoe, for personalized advice and support to ensure you get the best possible terms for your situation. Thanks for tuning in. Remember, a well-managed mortgage is a cornerstone of financial security.

HST on Resale Homes: What Every Ontario Buyer Needs to Know Purchasing a resale home in Ontario is an exciting milestone, but it's important to understand how taxes like the Harmonized Sales Tax, or HST, might come into play. Let's take a closer look at how HST could affect your home purchase, particularly when it comes to the property's prior use. Generally, when buying a resale home, HST does not apply to the purchase price. But there are exceptions, especially if the property was previously used for commercial purposes. For example, if the home was ever operated as an Airbnb or had any kind of commercial use, HST might be applicable, even if the property is now being sold as a residential home. It's important to understand that the Canada Revenue Agency, or CRA, is more concerned with the property's prior use rather than its current zoning. This means that even if the property is zoned residential, if it was used commercially in the past, HST could still be an issue. Because the implications of HST can be complex and situation-specific, I want to make it clear that I'm not a tax expert. If you think any of these situations might apply to the property you're purchasing, I strongly recommend consulting with a tax professional or your lawyer to get accurate advice tailored to your circumstances. Understanding where HST might be applied, particularly with properties that have a history of commercial use, can help you avoid surprises and ensure you're fully prepared. By staying informed and seeking professional advice, you can confidently navigate the resale home market in Ontario. For more information, reach out to us today. We're here to help you every step of the way.

Why you should choose a mortgage broker over a bank even if your bank matches their rate   Discover why choosing a mortgage broker over your bank can be the smarter move, even when rates match. Learn about trust, transparency, and the benefits of supporting local businesses. Plus, find out how you could win exciting prizes with Mortgage Alliance. Don't settle for less—make an informed decision for your financial future! Thank you for watching. Let us help you with your real estate and mortgage needs. We serve the Cambridge, Kitchener, Waterloo, Guelph and Brantford areas. Check out our website at http://www.maximumresults.ca

If getting into a bidding war scares you away from making an offer, then this video is for you!! For a private showings, contact us directly at 519-624-9222 Thank you for watching. Let us help you with your real estate and mortgage needs. We serve the Cambridge, Kitchener, Waterloo, Guelph and Brantford areas. Check out our website at http://www.maximumresults.ca

Hey there, future homeowners! Let's talk about a common concern I hear all the time: "I don't want to compete when I make an offer. If someone else is bidding, I'm out." I get it. The idea of competition can be daunting. But let me explain why this mindset might be holding you back. First, by stepping out of the game just because there's another offer, you might be selling yourself short. You're guessing that your offer may be too low, but what if it's actually the best one? You'll never know unless you try. Think about this: the alternative to competing is buying a house nobody else wants. Does that make sense? Why settle for less when you might have a real shot at your dream home? Here's the reality: the demand for housing is high, and it's not slowing down. Builders simply can't keep up with the pace. So, avoiding competition isn't solving the problem—it's just pushing your dream further away. And remember, it's not always about price. Maybe your terms are better. Perhaps your closing date aligns perfectly with the seller's plans. Sometimes, sellers have a sentimental attachment to their home and genuinely want it to go to someone who will cherish it as much as they did. I've seen this happen, especially with older sellers for whom money isn't the top priority. Picture this: you find the perfect home. It has everything you've been looking for. Instead of walking away because someone else is interested, why not give it a shot? Your offer might stand out for reasons beyond the price. It could be your flexibility, your willingness to accommodate the seller's needs, or simply the connection you've made during the viewing. Don't be afraid to lose. Take a chance! You don't pay for writing offers, so what's the big deal? Each offer is an opportunity. Every attempt is a step closer to finding the perfect home for you and your family. Imagine walking through the door of your new home, knowing that you didn't give up just because there was competition. The joy and satisfaction of knowing you gave it your all is worth it. You might even find that your persistence and willingness to compete pay off in ways you never expected. And think about this: your future self will appreciate your tenacity. The effort you put in today will pay off in the form of a home you love, a place where you can build memories and a foundation for your future. You know what's funny? I've sold many homes of people who lived in them for years, and most of them don't even remember what they paid for it. What they remember are the memories—the firsts, the family gatherings, the holidays. Those are the things that truly matter. And remember, if you lose, at least you tried. Each effort brings you one step closer to success. The only true failure is not trying at all. So next time you find a house you love, don't back down just because someone else loves it too. Compete with confidence. You might just be the one who wins. Remember, your dream home is worth the effort. Happy house hunting! For more tips and guidance, reach out to us. We're here to help you navigate the home buying journey every step of the way.

Have you ever wondered why the agent showing you a house can't always help you write an offer? Let's dive into the specifics of real estate representation under the new TRESA rules. As a potential buyer, you might find a property you love while touring homes with an agent. Naturally, you'd think the next step is to have that agent help you write an offer. However, there's a crucial distinction to understand. If this agent isn't the listing agent or your designated buyer agent, they cannot write the offer for you. The listing agent, who represents the seller, can show you the house. But unless you agree to dual agency, where the agent represents both you and the seller, you'll need separate representation to proceed with an offer. Some listing agents won't even show the property to you unless you sign a representation agreement with them, with the seller's permission. Gone are the days of just calling your realtor friend to show you a house quickly. The rules now clearly state they need to enter into an agreement with you, or they can't help you.   This agreement can be short-term and property-specific, but it must be signed. These rules were implemented because the public often believed they had representation when they didn't. TRESA clarified this to eliminate any guesswork, and regulators are conducting audits to ensure compliance. If an agent refuses to show you a property without this agreement, they're not trying to be difficult—they're following the law. Entering into a formal buyer representation agreement ensures that your chosen agent is legally bound to act in your best interest, guiding you through the process with your needs as the priority.   These measures, implemented by TRESA, aim to protect buyers and sellers alike, ensuring clarity and fairness in every transaction. So, remember, if the agent showing you the house isn't the listing agent or your buyer agent, they can't help you write an offer. To ensure seamless and dedicated representation, formalize your relationship with a buyer representation agreement. For a private tour contact us directly at 519-624-9222 Thank you for watching.   Let us help you with your real estate and mortgage needs. We serve the Cambridge, Kitchener, Waterloo, Guelph and Brantford areas. Check out our website at http://www.maximumresults.ca

Hi there, I'm Walter Monteiro with The Maximum Results Team at ReMax Real Estate Centre. If you've recently signed a buyer representation agreement, you might be wondering, Who owes the commission to my buyer's agent? Well, let's break it down for you.   When you sign a buyer representation agreement, you're essentially formalizing your working relationship with your buyer's agent. This agreement means your agent is dedicated to helping you find the perfect home and negotiating the best possible deal on your behalf.   Now, you might be concerned about how much this will cost you. The good news is that in most cases, the commission owed to your buyer's agent is typically paid by the seller, not you. Here's how it works.   When a seller lists their home with a real estate agent, they agree to a commission fee, usually a percentage of the final sale price. This commission is then split between the seller's agent and the buyer's agent.   So, when you purchase a home, the commission for your buyer's agent is usually covered by the seller as part of the overall commission agreement. This allows you to benefit from professional representation without having to pay out-of-pocket for the service.   However, it's important to be cautious. Your buyer representation agreement may state that if there is any shortfall in the commission paid by the listing agent, you, the buyer, could be responsible for covering the difference.   Shortfalls can happen due to unforeseen issues, such as liens on the property or penalties and fees on the seller's mortgage that come to light at the last minute. These issues can reduce the funds available to cover the agreed-upon commissions.   To protect yourself, consider inserting a clause in your offer that states the buyer's agent will be paid from the proceeds of the transaction, but this amount will be held back from the seller by your lawyer. This ensures the commission is paid as agreed and protects you from unexpected costs.  

Welcome back to the Real Estate and Mortgage Show! I'm your host, Walter Monteiro, and I'm thrilled to announce the relaunch of our podcast. We're committed to providing you with up-to-date information and insights to help you navigate the ever-evolving real estate market. Today is July 1st, 2024, and I want to wish everyone a Happy Canada Day! In today's episode, we're discussing a critical component of any real estate transaction: the deposit. Specifically, why a deposit is needed and who should hold it in Ontario, Canada. Let's start with the basics. A deposit in a real estate transaction is a sum of money provided by the buyer when they make an offer to purchase a property. But why is this necessary? The deposit serves several essential purposes that benefit both the buyer and the seller. Firstly, the deposit acts as a show of good faith. It demonstrates the buyer's serious intent to proceed with the transaction. By putting down a substantial amount of money upfront, the buyer signals their commitment to follow through with the purchase, which helps to reassure the seller that the offer is genuine. Secondly, the deposit provides a level of security for the seller. In the event that the buyer fails to complete the transaction without a valid reason, the seller is generally entitled to keep the deposit as compensation for the time and opportunity lost. This security is particularly crucial in competitive markets where multiple offers may be on the table. Sellers want to know that they are not wasting their time with buyers who might back out at the last minute. Now, let's talk about who should hold the deposit in Ontario. According to the Real Estate Council of Ontario, also known as RECO, the deposit is typically held in trust by the brokerage representing either the buyer or the seller. This practice ensures that the funds are managed according to strict legal and ethical standards, safeguarding the interests of both parties. When a buyer makes an offer, the deposit is usually submitted to the brokerage representing the seller. This brokerage then holds the deposit in a trust account until the transaction is completed. It's important to note that these trust accounts are highly regulated to ensure that the funds are secure and properly managed. The choice of who holds the deposit can sometimes be a point of negotiation between the buyer and the seller. However, it is generally  accepted that the seller's brokerage holds the deposit. This arrangement provides a neutral ground where the funds are protected, and it avoids potential conflicts of interest that might arise if either party directly held the money. However, there are situations where it might be wise for the seller's lawyer to hold the deposit instead. Having the deposit held by the seller's lawyer can provide an additional layer of security and professionalism. Lawyers are bound by strict fiduciary duties and have rigorous protocols for managing trust accounts. This can be particularly advantageous in complex transactions or in cases where there is a high level of distrust between the parties. The lawyer's involvement can ensure that the deposit is handled with the utmost care and legal oversight. One significant advantage of having the seller's lawyer hold the deposit comes into play if the deal doesn't close on the agreed closing day. If there is a breach of contract, and the seller is entitled to the deposit, the process of releasing the funds can be cumbersome when held by a real estate brokerage. Real estate brokers must adhere to specific protocols and procedures, which can make the process of releasing the money more complicated and time-consuming. On the other hand, when the deposit is held by the seller's lawyer, the process is often more straightforward, allowing for quicker resolution and release of funds to the seller.   It's also worth mentioning that, in Ontario, the interest earned on the deposit while it is held in trust can sometimes be an additional point of negotiation. Typically, the interest earned is minimal, but in transactions involving large sums or long closing periods, the interest might become more significant. Both parties should be clear about who is entitled to the interest to avoid any misunderstandings.   In summary, the deposit in a real estate transaction is a crucial element that provides assurance, security, and commitment to both buyers and sellers. It ensures that the transaction proceeds smoothly and that both parties are protected. In Ontario, while the deposit is typically held in trust by the brokerage representing the seller, having the seller's lawyer hold the deposit can also be a wise choice. This offers an added layer of legal oversight and security, and simplifies the process of releasing funds in the event of a breach of contract.   Thanks for tuning in to today's episode. I hope this has shed some light on the importance of deposits in real estate transactions and who should hold them. If you have any further questions or topics you'd like us to cover, feel free to reach out. And remember, if you need assistance anywhere, we have an extensive network of agents across the world through the REMAX system. We would be happy to assist you here at home    Until next time, happy house hunting!

Reverse Mortage

Why Hire a Buyers Agent Music: Winter Time, Musician: Isobelle Walton, Album: Isobelle Walton, Source: VCG

Changes Happening in The OnTario Private Mortgage Landscape Music: Rain Is Falling, Musician: Plain Strolls, Album: Plain Strolls, Source: VCG

Why buying real estate Must start with getting pre-approved for a mortgage 

Meet Seif El-Sahly of Newfore Inc. Contact Saif El-Sahly at the following links: https://ca.linkedin.com/in/seifelsahly https://newfore.com

  Hey, aside from being a real estate mortgage agent here in the city of Cambridge and Kitchener Waterloo, I also have a little podcast that I do. It's called the I Love Cambridge Show. You can find it on Ilovecambridge.ca, or you can look it up on YouTube or iTunes or Stitcher or Facebook, wherever your social media heart desires. You can find it on there. Anyway, it's a lot of fun. We interview people, basically, that are servicing our city, our community. I've interviewed people that have a personal concierge service. You know, like when you stay in a hotel and you can call the, the concierge for a, for anything? Well, there is an actual, actual personal service that you can do that a la carte. You can just call them and you can get their services. It's just absolutely awesome. We've interviewed people that have bake shops, that have keto bake shops. We've interviewed, even people that have had the, you know the battling robots, you know, the battling robots on tv. We've got a guy right here in our community that is actually, uh, that is actually built one, and he's entered into those competitions right here in Cambridge. So, if you think that you have an idea or a service that you'd like to share with our community, then I would like to personally invite you to be a guest on our show. You can just go into the link in the bio it says, be a guest on the I Love Cambridge Show. You just click on that. It's free of charge. And if you think that you've got an interesting story to share with our community, then please go ahead and click that link. Let's get you on the show. I think it's gonna be a lot of fun. There's no script. Uh, we just kind of sit back, we relax. I ask you a few questions about your service. You can share your screen if you want, or if you don't want, you can do that as well. But anyway, invite you to do that. Click on the link and let's get you on the I Love Cambridge Show.

10th Commandment of Buying Real Estate

9th Commandment of Buying Real Estate

8th Commandment of Buying Real Estate

7th Commandment of Buying Real Estate

6th Commandment of Buying Real Estate

5th Commandment of Buying Real Estate

    Hey, look what I got, the real estate crystal ball, and I'm gonna tell you exactly what's going to happen. Actually, I'm not gonna tell you because that's not a crystal ball. That's a solar powered globe that I took off my front porch. Anyway, here's the thing. Nobody knows what's going on in the real estate market. I've been hearing a couple of real estate agents actually picking on each other saying, Hey, real estate agents don't know what they're talking about. They're not economists. Well, guess what? Economists know what they're talking about. At least they should know what they're talking about. And they don't know what they're talking about. They keep changing their story. They've done it all year. They made bad predictions last year, and here we are in the mess that we're in. Okay, here's the bottom line. Prices are down in our area somewhere between 25 and 30%. That is significant. Now, what you qualify for in terms of a monthly payment in the spring compared to now, it's probably the same if you're earning the same money, you qualify for the same payment, you do not qualify for the same mortgage amount. But the good news is as prices are down, okay, so no problem, you can get into the market for a lot less money. That means less down payment, that means less closing costs, less land transfer tax. So why not take advantage of it?   If you don't feel comfortable acting in today's market, don't do it. Sit on the sidelines, Wait for prices to come back up. That's totally up to you. Now, our price is done going down. I don't know, but neither does anybody else. But here's what I do know. We seem to have flatline probably since August. There's not a whole lot of difference in values between now and August, so I have a feeling we're somewhere around the bottom. But hey, again, I'm just the dumb real estate agent. What the heck do I know? But I do know this on boots on the ground and I know what people are doing out there. We're still running into multiple offers. We're actually running into quite a bit of activity because the inventory is down. The inventory is down quite a bit from July, I think we were sitting at about 370 listings in Cambridge in July, and now we're about 2 75. So it's down, let's say a hundred listings. So it's down quite a bit. Anyway, that's what's going on in the marketplace. The other thing is the US Fed is meeting tomorrow afternoon, and that should tip the hat of the Bank of Canada as to what we do here in December. So keep an eye on that, and if you feel comfortable diving into today's crazy real estate market, give us a call, 5 1 9 2 4 0 0 3 6 0. We're here to help you. And if you need mortgage help, we're here to help you with that as well. We'll talk to you later. I hope you have a great day.

So, you know, we love private mortgages, We love doing them, but we always triage the situation to make sure that the borrower is in fact a qualified private borrower and not somebody that can actually go to a financial institution. Because if you can do that, then why would you borrow privately? Okay? Secondly, we also make sure that you have an exit plan. So if you've got those two criteria, then obviously we've got our own criteria, the biggest one being loan to value on the property and the type of property. But if you meet those criteria and you've been getting turned down by lending institutions or financial institutions and they don't want to quite help you out, then give us a call. As long as the deal makes sense and there's an exit plan, then we've got a solution for you. But if it's just, you know, prolonging the inevitable, it's probably not something we can do anyway, give us a call, 5 1 9 2 4 0 0 3 6 0. If you think you got something that, uh, would fit the mold, then by all means, I'd be happy to help you out.

Trust the experts to be wrong Hey, so yesterday I tuned into TikTok,  obviously to upload my video and I came across a lady that's actually a real estate agent in the Toronto Real Estate Board.   She was pontificating about how she was tipped off about how agents who think they, just because they have a social media platform, they have the right to say whatever they want.   She was actually quite vulgar about it. And what was really interesting was she was actually exercising the very thing that all these other agents do, you know, using her freedom to say whatever she wanted on our social media, okay?   I think agents should do that. I didn't like the fact that she just wanted to generalize and make herself look better by putting down every other real estate agent.   I can tell you, you know, yeah, there's no question there's some bad people in the business, but I will say, for the most part, agents are pretty good people. That's been my experience over 35 years in the business. Agents are pretty hard-working and they're pretty dedicated to their craft.   Yes, there are some that are crazy, no question about it, but for the most part, you can count on a real estate agent being a pretty good person.   Okay? Now here's the thing. One of the things she was going on about was she didn't like that agents were making, um, economic, predictions or giving advice. And, you know, why not? I mean, agents have boots on the ground. They know what's going on. They know what's going on at the offer table. T hey know what kind of activity they're, they're experiencing in the, in the marketplace.   You know, in 2020, I don't know if you guys remember it or not, but Tiff Maclan basically told everybody that interest rates aren't going anywhere. So if you're making a big purchase, a house or an investment, you can be assured that interest rates aren't going anywhere wrong. Okay, Scotia Bank, at the end of last year, I believe they predicted somewhere around a 2% lift in the marketplace, or almost double that. Okay?   These are experts now, the boots on the ground. Yeah, we didn't have a clue what was going on either, okay? But neither did they, they got all the education, these experts, you know, they go to U of T or Queens University or London, but Western University, that's fine. I, I have nothing against that type of education, but it doesn't make him an expert. I'll tell you, when I was first in the real first got in the real estate business in 19 87, 19 90, I met a gentleman by the main, by the name of Tom Wright. Now 1990 was a shit market, okay?   Now, Tom was very attuned to what was going on in the marketplace. And, you know, he read the Financial Post, he read the Globe Mail, he did all that and I asked him, What should I be reading in order to be astute about the marketplace as you are? Tom? And Tom said, Listen, Walter, don't worry about reading about any of that stuff. Talk to the guys on the shop floor, okay? They're the guys that know what's going on. They know when the plant is busy. They know when it's slow. They can feel the hum in the air in   Terms of what's going on in the marketplace. So before you, you know, give this whole deification to economists, they're not as great as people think, Okay, talk to the boots on the ground. They know what's going on. I would take that over any economist any day.

Let me give you the skinny on what happened yesterday with the, interest rate changes here in Canada. Obviously, everybody knows, cuz everybody on TikTok and LinkedIn and Instagram and Facebook are all telling you that rates have gone up by half a point. So here's the bottom line. The rate or the payment that you qualify for has not changed, obviously. Okay? What you qualify for is a percentage of your income. That's it. You can't change that unless your income changed. So if the point, if the interest rate went up by half a point, uh, the bottom line is you've lost basically 5% of your, uh, purchasing power. I, the way on my calculations is, as for every quarter point that rates go up, you lose about two and a half percent. Okay? So we're just under that. So I guess the good news for buyers is that your, your purchase price is gonna change if you're dealing with a seller that needs to sell. They need to adjust to the marketplace, otherwise you're not gonna buy their property cuz you just plain don't qualify. So you're going to have to find a seller that's goingto cooperate to that. So the good news is buyers, you get a better deal. Sellers bad news is, is you're not going to get as much money. Now remember this buyers, purchase price is permanent. Mortgage rates always change. Remember that, take advantage of the market the way it is now because, uh, when interest rates go back down, you have locked in a price based on higher interest rates.   So this is good news for you, buyers and sellers. Hang in there. If you don't have to sell, hang on but if you do, you gotta take it on the chin.

So a lot of people are wondering what the value of their home is these days, given the adjustment in the marketplace. So what I'd like to do is invite you to a website I've created called Value of my home.ca. You just need to click on that red link down there, where it says, Get my home value now. Then once you do that, you'll be taken to this page right here. And all you gotta do is just put your address in that box there. I think after that I'll ask you a couple questions about your property and your email address, and we'll send you a market evaluation of your property. Some of the comparables are a little wonky because it is a, you know, an automated system, but it does give you a good general idea of what's happening in your marketplace right now. So go ahead and use it if you like, valueofmyhome.ca and if you need to reach out to me, um, my link's in the bio. So, please go ahead and do that. Have a great day.   www.valueofmyhome.ca

4th Commandment of Buying Real Estate.mp3

Preapproved Mortgages

3rd Commandment of Buying Real Estate

  Commandment #2 Thou shalt not buy a car truck or van or you may be living in it

1st of the The 10 Commandments of Buying real estate

How to choose your list price  

Welcome to this episode of The Real Estate Mortgage Show! How is the real estate industry at this point? Is it wise to buy first and then sell, or do you want to take a risk? Are there any possible alternatives for financing a property? Today, Walter Monteiro answers these pressing questions, the “disruptions” in the real estate industry and why it's crucial to listen to your mortgage professional. Standout Quotes: Lean on your mortgage professional to guide you through the real estate process. – Walter Remember, there are still not a lot of homes for sale. Canada is letting in 400,000 new Canadians into the country every year. A large majority of them don't leave the Greater Toronto Area. – Walter Everybody has been giving you the advice that you should buy first before you sell. Because when you sell your home, you have nowhere to move to. – Walter Key Takeaways: If you decide to buy a property, ensure that your finances are in order. You need to have multiple plans at your disposal if one plan doesn't work. Walter advises being cautious when converting mortgages to a fixed rate. You either write it out or lock in shorter terms for a lower rate. It is better to choose real estate over money sitting in a bank because inflation erodes money's purchasing power. If you can't leverage bridge financing, you can go for private financing. However, keep in mind that private financing is not cheap. Episode Timeline: [00:00] – Introduction [01:58] – What's happening at MLS right now? [02:55] – Bank rate increase in Bank of Canada [03:33] – Mortgage conversion [05:38] – Bridge Financing [06:00] – Financing Alternatives [07:14] – The effects of Inflation [07:47] – Walter's prediction Phone: 519-240-0360 Email: walter@maximumresults.ca